Energy Exploration Technologies (EnergyX) has announced a $225 million strategic equity investment from Italian energy company Eni to support the development of Project Black Giant, a large-scale lithium brine and refining project in Chile’s Antofagasta Region. The transaction gives Eni a minority stake in the project and forms a central component of the funding needed to take Black Giant through full commercial development.
Black Giant is designed to produce 52,500 tons per annum of lithium carbonate across its first two phases, with scope for further expansion through additional development stages. Located on more than 100,000 acres of mining tenements in the Domeyko Range near Salar de Punta Negra, the project is positioned as one of the world’s largest lithium resource developments. EnergyX’s pre‑feasibility work with engineering firm Worley projects industry‑low capital expenditure of about $14,500 per ton and operating costs of roughly $2,944 per ton, reflecting the economics of its proprietary direct lithium extraction technology. Once the first two phases are operating at full capacity, EnergyX estimates the project could generate approximately $1.3 billion in annual gross revenue, based on lithium prices of $25,000 per metric ton as of May 2026.
Technology for Black Giant will be provided by EnergyX’s GET‑Lit direct lithium extraction platform, a suite of adsorbent, solvent extraction and membrane processes supported by more than 150 patents. The company has completed around 10,000 hours of pilot plant operations on real brines and commissioned a 170‑ton‑per‑year demonstration plant designed to mimic commercial operating environments, including location and elevation, and to produce commercially viable product for customer qualification. An upstream resource report with Montgomery & Associates estimates in‑situ lithium of up to 9.8 million tons, delineated from 22 exploration wells, providing technical support for long‑term production planning.
Under the binding agreements, Eni will have rights to lift up to approximately 25% of future lithium production from the project, giving it long‑term access to battery‑grade lithium materials for its own energy transition initiatives. EnergyX has also secured additional strategic offtake agreements for future output, helping to underpin demand and integration into downstream supply chains. Eni’s equity injection complements a previously announced $690 million letter of intent from the U.S. Export‑Import Bank to provide debt financing for Black Giant’s commercialization and operations, bringing total planned funding for the initial phases to just under $1 billion, including financing costs. Goldman Sachs & Co. LLC is advising EnergyX on the transaction.
The deal builds on an existing relationship between the companies. Eni Next, Eni’s corporate venture capital arm, participated in EnergyX’s $50 million Series B financing in December 2022, backing the firm’s work on direct lithium extraction and related technology. The new investment significantly expands that partnership: beyond capital, Eni will provide technical collaboration and upstream development support, leveraging its global energy infrastructure, subsurface engineering teams and operational expertise to help accelerate development timelines and commercialization.
Project Black Giant is also a cornerstone of EnergyX’s broader Litio Mecca vision, which contemplates building a 500,000 to 1 million ton per annum integrated lithium refinery and conversion complex near the Port of Mejillones in Chile. A potential investment of up to $5 billion in Litio Mecca would provide processing capacity not only for Black Giant’s initial and future phases but also for other resources across the lithium triangle, including Chile, Argentina and Bolivia. EnergyX describes this as part of a strategy to deliver a reliable, geopolitically aligned supply of lithium for the energy transition, advanced manufacturing and national defense priorities as global demand and pricing fundamentals strengthen.
The company has engaged closely with public stakeholders around the project. EnergyX has worked with senior U.S. government officials, including the U.S. Ambassador to Chile and the U.S. Department of State, to align Black Giant with secure U.S. and allied supply chain objectives. Ambassador Brandon Judd visited the company’s Chilean operations in 2025, underscoring U.S. interest in critical mineral projects in the region. In parallel, EnergyX CEO Teague Egan has held meetings with Chilean President José Antonio Kast and Ambassador Judd to discuss Chile’s economic and critical minerals strategy, noting that pro‑business policies, foreign investment support and streamlined permitting are expected to be important catalysts for advancing Black Giant and other lithium developments.
KEY QUOTES:
“Partnering with Eni on this strategic investment marks a defining moment for EnergyX. After years of intense work and focus, this vote of confidence from Eni not only validates the impact of Project Black Giant, but also the strength of EnergyX’s GET‑Lit DLE technology platform. We believe this project will become the world’s largest DLE operation, as well as fundamentally transform the lithium industry by showcasing the viability of breakthrough DLE technology on commercial scale.”
Teague Egan, Founder, Chairman and CEO, EnergyX
“Lowest cost production is essential to building durable lithium supply chains, particularly in a market that has experienced significant price volatility. With lithium prices now showing renewed upward momentum, the timing to advance a project of this scale could not be more important.”
Juan Carlos Barrera, President of Lithium, EnergyX
“We continue to support EnergyX with this important investment into the Black Giant lithium project. Eni Next has been a shareholder of EnergyX for nearly four years now, since the early days of exploration. This larger investment into EnergyX by our corporate parent showcases successful portfolio incubation and deal flow by the corporate venture capital arm.”
Clara Andreoletti, CEO, Eni Next
